CFO Moves: Mack-Cali Realty, SP Plus

Mack-Cali Realty Corp., a real-estate investment trust based in Edison, N.J., said both Chief Financial Officer Barry Lefkowitz and General Counsel Roger Thomas will resign at the end of March by mutual agreement with its board. Anthony Krug, its chief accounting officer, will serve as acting CFO. The company said that the resignations were not related to its operational performance, financial condition or issues regarding the integrity of its financial statements or accounting policies. Mitchell Hersh, Mack-Cali chief executive, said the moves were part of an “ongoing strategic transition and will result in significant cost savings.” Mr. Lefkowitz, who spent two decades with the company, received total 2012 compensation valued at roughly $1.7 million, including a salary of $420,000, a $505,000 bonus and a stock award valued at $561,056, according to its most recent proxy filing. By comparison, Mr. Krug’s compensation was valued at $479,500, including a $275,000 salary and a $200,000 bonus. As part of his separation agreement, he will receive cash payments totaling almost $3.4 million and accelerated vesting of certain stock awards.

SP Plus Corp., a Chicago-based parking and transportation, said late Friday that it hired Vance Johnston as CFO and treasurer. He will join the company on March 3, but his positions become effective on the first business day following the filing of the company annual report. When Mr. Johnston assumes his new roles, current CFO Marc Baumann will become president and chief operating officer. Mr. Johnston was most recently CFO of Furniture Brands International Inc. At SP Plus, he will receive a salary of $400,000 per year, eligibility for its two annual bonus programs and a grant of restricted stock valued at $200,000.

Deloitte's Financial Reporting Alert discusses certain key accounting and financial reporting considerations related to the current economic conditions in the eurozone and Puerto Rico, including a summary of financial reporting implications that would result from a country's decision to exit the eurozone and an outline of disclosures recommended by the SEC in 2012 about European sovereign debt.